Top Stock to Buy #3 – ONEOK Inc. (OKE)
ONEOK Inc. (NYSE:OKE) is an integrated energy company that markets, transports, stores and trades natural gas liquids. Its distribution segment is the largest gas utility in Kansas and Oklahoma, and the third largest in Texas.
Earnings have increased each of the past six years, and estimates are that it will report $2.06 in 2013, up from $1.76 in 2012. OKE has a dividend yield of almost 3%.
The stock broke upward from a double-top in October at $37 to almost $45. Since then, it has been consolidating in a bull channel with support at its 200-day moving average at just over $40. Its stochastic is close to issuing a buy signal, and accumulation in June was high. Buy at the market for a target of $50.